Released in 1981 this movie is a bit of a parody, at least that's my understanding.
These are two descriptions provided by IMDB:
Mexico, 1840s. When the new Spanish Governor begins to grind the peasants under his heel, wealthy landowner Don Diego Vega follows in his late father's footsteps and becomes Zorro, the masked man in black with a sword who rights wrongs and becomes a folk hero to the people of Mexico. When Vega sprains his ankle and cannot figure out how to continue his campaign against the corrupt Captain Esteban, luck stays with Vega when his long-lost twin brother Ramon, who was sent off by their father to the British Royal Navy to make a "man" of him, whom is also flamboyantly gay, and now known as Lt. Bunny Wigglesworth, appears for a visit. 'Bunny' agrees to temporarily take his brother's place as Zorro, but wishes to make some changes. Bunny becomes 'the Gay Blade' in which his new suits are lemon, plum, and scarlet colored, and Bunny insists on using a whip. Bunny also becomes the liaison between Don Vega and the liberal American activist/feminist Charlotte a long-time critic of Captain Esteban's policies, and who has a crush on her masked hero.
- Written by John Vogel
In 1840's Mexico, wealthy landowner Don Diego Vega learns of his late father's secret as Zorro, the masked folk hero, and Vega adopts his new persona. But when Vega is incapacitated by an injury, he asks Ramon, his very gay, long-lost twin brother (now calling himself 'Bunny'), to replace him as the caped hero, who makes some drastic changes to his Zorro persona.
- Written by Anonymous
Directed by:Peter Medak
Produced by:C.O. Erickson
George Hamilton
Written by:Johnston McCulley
Hal Dresner
Greg Alt
Don Moriarty
Starring:George Hamilton
Lauren Hutton
Ron Liebman
Brenda Vaccaro
Music by:Ian Fraser
Cinematography:
John A. Alonzo
Edited by:Lori Jane Coleman
Distributed by:
20th Century Fox
Release date:July 17, 1981
Running time:93 min
Country:United States
Language:English
Budget:$12.6 million
Box office:$5.1 million (US/Canada)